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Globaltec Formation's NuEnergy acquires remaining stake in Muralim

TheStar Wed, Jan 23, 2019 12:12pm - 1 year ago

KUALA LUMPUR: Globaltec Formation Bhd's Australian subsidiary NuEnergy Gas Ltd has acquired the remaining 50% stake in the Muralim production contract from the partner PT Medco CBM Pendopo.

Globaltec said on Wenesday its Australian Securities Exchange (ASX) NuEnergy Gas increased its stake from 50% to 100% after entering into a  withdrawal and assignment agreement with Medco.

“Medco will immediately assign all its rights, obligations and liabilities under the production sharing contracts and joint operating agreement (JOA) relating to its withdrawing participating interest that will be transferred to NuEnergy. 

“The withdrawal and assignment is at no cost to Medco and NuEnergy apart from Medco’s obligation under the PSC and JOA to settle all its outstanding due and unpaid cash calls to meet its expenditure obligation,” said Globaltec. 

NuEnergy is a gas and ancillary power generation company whose primary activity is unconventional gas exploration and production in Indonesia. 

It holds six onshore PSCs across South Sumatra, Central Sumatra and East Kalimantan. 

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